Aster has allocated 99% of its daily platform fees to token buybacks, resulting in the purchase of 2,851,653.28 ASTER tokens between July 27th and August 10th. The project has also burned 2.85 million ASTER tokens from its team allocation, bringing the total cumulative burns under the new tokenomics to 11,086,108.41 ASTER since June 17th.
Token Supply Update
Total burns across all programs have reached 188,867,109.98 ASTER, with estimates suggesting that 5.30% to 8.10% of ASTER's supply is currently in staking. However, despite the reduction in supply, the price of ASTER has not increased significantly, with the token currently trading near $0.602.
Market Analysis
Exchange activity has contributed to the tightening of ASTER's supply, with spot Netflows recording a negative $556.49K on August 10th, indicating that more ASTER tokens are leaving exchanges than entering them. This reduction in available supply has been complemented by Aster's buyback and burn program, which has supported the token's setup. However, buyers still need to capitalize on these supply-side forces near resistance, with $0.622 identified as the first-level resistance that needs to be reclaimed.
